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Assigment 1 Eco

Assigment 1 Eco

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Published by seanfaria

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Published by: seanfaria on Sep 09, 2010
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09/09/2010

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1
Sean FariaECO2013Ref # 5689271.
 
Th
e term utility is t
h
e pleasure,
h
appiness, or satisfaction obtained fromconsuming a good or service. Purposeful be
h
avior is w
h
en people make decisionswit
h
some desired outcome in mind.
Th
is means t
h
at purposeful be
h
avior is w
h
at people do to get utility.2.
 
A.
Th
e unemployment rate in t
h
e United States was 5.2% in January 2005.
Th
is ismacroeconomics because it relates to t
h
e w
h
ole of United States not a small population or select few.B. A U.S. software firm disc
h
arged 15 workers last mont
h
and transferred t
h
ework to India.
Th
is is microeconomics because it is pointed at t
h
e select few.C. Last week Wells Fargo Bank lowered its interest rate on business loans by one-
h
alf of 1 percentage point.
Th
is is macroeconomics because it¶s t
h
e entire business.D.
Th
e consumer price index rose by 3.4% in 2005.
Th
is is Macroeconomics because it is t
h
e entire consumer price index for 2005.
 
2
 
3.
 
Economic resources are all t
h
e natural,
h
uman, and manufactured resources t
h
atgo into t
h
e production of goods and services.
Th
e categories t
h
at economists useto classify t
h
em are Land, Labor, Capital, and Entrepreneurial Ability.
Th
ese aret
h
e necessary components to create a good or a service t
h
at w
h
y t
h
ey are calledfactors of production .
Th
ey are called factor of production or inputs because t
h
eymust be combined in or to produce a good or service.4.
 
A.
Th
e quality of education increases will increase t
h
e potential production or curve will s
h
ift outward because you will
h
ave more workers qualified to work, or new tec
h
nology invented w
h
ic
h
can increase in design or development ideas for faster and more efficient workers and workers environment.B.
Th
e number of unemployed workers increases would decrease t
h
e potential production and will s
h
ift t
h
e curve inward.
Th
e reason for t
h
is is because t
h
efewer workers you
h
ave t
h
e less production being done w
h
ic
h
means less production goals being met.C. A new tec
h
nique improves t
h
e efficiency of extracting copper from ore wouldincrease t
h
e potential of production because it would
h
elp make t
h
e productionfaster. So t
h
en t
h
e production potential curve would s
h
ift outward.D. A devastating eart
h
quake destroys numerous production facilities woulddecrease t
h
e potential of production because it can cause people to get laid off.

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